Gaddafi and his cronies reportedly plundered as much as $200 billion from Libya that was deposited in bank accounts around the world. That wealth could provide an essential source of finance to support post-conflict reconstruction.
Libya has been an important producer of crude oil since the 1960s. With a population of only six million and substantial annual oil revenues, amounting to $32 billion in 2010, Libya’s potential is tremendous. However, during Gaddafi’s 42 years in power, Gaddafi and his cronies reportedly plundered as much as $200 billion from the country that was deposited in bank accounts around the world. Since the fall of the Gaddafi regime in 2011, authorities have been trying to track and get access to these hidden funds. Libya’s future depends on the capacity of the UN- backed government to ensure political stability and rebuild the economy. Libya’s hidden wealth could provide an essential source of finance to support post-conflict reconstruction.
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